How to Set Good Investment Goals.
If you keep up with news updates you must have heard of Mohammad Ali, the great boxer who attributes his success to the goals he sets. You may have been failing in your investments because you have not set goals which is why you should do that as soon as possible. It is not just a matter of putting down your desires on paper but also making sure that they are smart. You should take advantages of the rules that have been tried and tested and given the go-ahead as effective for anyone who wants to set goals. If you do not follow them, there is a high chance that you will fail. First of all, it is crucial for you to write down the goals you have set. Without doing this, you will join the 92% of the population who think of the goals they would like to achieve and never work towards them because there is no clear vision. Remember that it is not always an exciting journey to achieving your goals and a few weeks in you may lose enthusiasm and if you had not outlined your goals on paper you are likely to forget about them. Be specific about what you want to achieve. A general intention will not cut it. Saying that you want to lose weight is not going to do you any good. You have to go ahead and include the rate, the time frame and the amount of weight you wish to lose. Also, there should be deadlines and a way to measure your goals.
Be realistic when you are setting your goals. It is essential for you to consider how achievable the goals are before you write them down. This is not the same thing as having stretching or demanding goals. However, you should do a reality check before you include the goals on your list. Unless you do this, you are likely to fail miserably. Another factor you should consider when setting up investment goals is your current standing. This is not just about the current financial resources but any other which are relevant. Even your knowledge, experience and skills are resources. If you have some knowledge and skills relating to investment, you will set goals that are quite different from what the newbies will have. You will have a better shot at this if you have succeeded in your business ventures and investments previously. It will be easy for you to ace this when you follow the guidelines provided here and a strong grounding will put you in a better level to win big with your investments.
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